View the article online at http://citywire.co.uk/money/article/a558176
Tesco chairman swoops on retailer's distressed shares
Sir Richard Broadbent, Tesco’s new chairman, took advantage of its share price slump to buy his first purchase of the supermarket's stock since joining the board.
Sir Richard Broadbent, Tesco’s non-executive chairman, has splashed out nearly £100,000 on the retailer’s battered shares.
This is Broadbent’s first purchase of shares since becoming chairman in November, replacing David Reid. Broadbent joined Tesco in July after a career at the Treasury and serving on the boards of Barclays and Schroders. Before joining Tesco he bought nearly 24,000 shares in the group last May.
In a stock exchange announcement Tesco said Broadbent had bought 30,149 shares at just under 330p yesterday as the stock slumped 16% to a 33-month low following the supermarket group’s shock profits warning.
There has been a flurry of director dealings at Tesco in recent months, most of them sales. Last week Bob Robbins, the recently appointed chief operating officer for the UK sold 50,000 shares at 404.5p.
A company spokesman said Robbins had not been involved in the decisions around the trading statement and that the transaction had not occurred during a closed period.
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